It's my understanding most law firms are structured as LL partnerships, so their income is taxed at the personal level & not at biz level
Serious question: If I'm lawyer whose firm just got 15% tax rate, can I structure it so all my personal income is taxed as business income?
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Also my understanding some are formed as corporations but a reasonable portion of the corp income must be paid out as salary (double taxed)
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Then finally you have the small guys who are sole proprietors or PLLCs, all their income is personal
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No, you're an employee. If you're a Partner, it depends on whether it's a true Partnership or a Corporation.
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so what does that mean as a doctor who owns her own practice?
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Well, there's no bill yet; if you are a corporation and currently pay the marginal rate on net income, it goes to 15% per media reports
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Yeah, just use Trump's tax lawyer.
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No worry, We'll pay for you roads, fire, police, schools
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C-corp, NO. Partnership: Not getting a 15% rate.
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you are an employee of firm?
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If you're an equity partner, you might be able to. Counsel, associates are just salaried employees but partners usually form personal LLCs
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You'd get nailed if you took no actual salary. What you'd do is take a "fair" salary and then take anything above that as business income.
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If you like the inside of a jail.
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